This IFRS and GAAP Accounting Quiz assesses knowledge on differences between IFRS and US GAAP, focusing on frameworks, financial reporting standards, and specific accounting treatments. Ideal for professionals and students in accounting to understand key distinctions and compliance requirements.
IFRS and US GAAP
IASB and FASB
SEC and FSA
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True
False
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IFRS / US GAAP
US GAAP / IFRS
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True
False
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IFRS / US GAAP
US GAAP / IFRS
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IFRS / US GAAP
US GAAP / IFRS
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True
False
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IFRS
US GAAP
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Fair value
Amortized cost
Unamortized cost
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Parametric tests
Non-parametric tests
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True
False
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True
False
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IFRS only
US GAAP only
Both
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IFRS
US GAAP
Both A and B
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US GAAP only
IFRS only
Both IFRS and US GAAP
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True
False
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Convexity / Duration
Duration / Convexity
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Current Ratio
Defensive Interval
Financial Leverage
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True
False
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IFRS
US GAAP
Both A and B
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The recoverable amount
Fair value
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Upward sloping
Flat
Downward sloping
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General journal / general ledger / trial balance
General ledger / general journal / trial balance
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Return on assets
Total asset turnover
Fixed asset turnover
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True
False
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Fair value, but not reported on the income statement until sold
Fair value, and unrealized gains/losses are recognized on the income statement
Fair value, and any unrealized gains/losses are reported as other comprehensive income
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0.25
90 days
4
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IFRS / US GAAP
US GAAP / IFRS
US GAAP / neither body
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Consolidation Method
Equity Method
It depends on whether the firm uses IFRS or US GAAP
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IFRS / US GAAP / IFRS OR US GAAP
US GAAP / IFRS / IFRS ONLY
IFRS / US GAAP / IFRS ONLY
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True
False
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ADR's, global registered shares, GDR's
GDR's, global registered shares, ADR's
Global registered shares, GDR's, ADR's
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True
False
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Operating
Investing
Financing
It depends on whether the interest is paid or received
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True
False
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IFRS
US GAAP
Both A and B
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Consolidation Method
Equity Method
It depends on whether the firm uses IFRS or US GAAP
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IFRS/ US GAAP
US GAAP / IFRS
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3
5
8
0.2
0.167
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Operating Cash Flows
Investing Cash Flows
Financing Cash Flows
A or C
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Operating only
Financing only
Investing only
Operating or Financing
Operating or Investing
Financing or Investing
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Operating only
Financing only
Investing only
Operating or Financing
Operating or Investing
Financing or Investing
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Fair value
Amortized cost
Unamortized cost
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FASB (US GAAP)
IASB (IFRS)
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Operating Cash Flows
Investing Cash Flows
Financing Cash Flows
A or B
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IFRS
US GAAP
Both A and B
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The recoverable amount
Fair value
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Completed contract method
Cost recovery method
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Quiz Review Timeline (Updated): Mar 21, 2023 +
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